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to acidentally catch your penis when you zip your pants after urinating. It is the combination of equipment and nip. Can also be reffered to as "equipnip"
My piece was hurtin for a while after my unfortunate quipnip incident.
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Quipnip is a mixture of 2 words, quip and nip. Quip is a witty remark and nip is to bite or pinch sharply. Quipnip means a funny bite.
His statement about the life was interesting with a quipnip.